Subject Title - INSETA

PurposeBefore a juristic entity can provide financial services, it has to be authorisedas an FSP.Section 8 of the FAIS Act prescribes what has to be done in order to compileand submit an application, as well as the steps to be taken when anapplication is considered. By going through this part of the chapter, you willget an understanding of the processes involved.Section 13 of the FAIS Act looks at the duties of the FSP in relation to itsrepresentatives. You will gain an understanding of some of theresponsibilities of FSPs, which include the maintenance of the representativeregister.5.1 INTRODUCTION TO SECTIONS 8 AND 135.1.1 Section 8 of the FAIS ActSection 8 of the FAIS Act stipulates the requirements relating to anapplication to become an FSP. It prescribes the process and procedures aswell as the steps to take if an application is turned down by the Registrar.The process is discussed in more detail in Section 5.2.5.1.2 Section 13 of the FAIS ActSection 13 of the FAIS Act stipulates the requirements for representatives toact for and on behalf of FSPs. It also prescribes the format and inputrequired in respect of the representative register.This will be discussed in more detail in Section 5.3.100 © INSETA - Section 1 12a